Tag Archives: IRS Debt

The Many Ways You Can Deal With IRS Debt

IRS debt can be a huge burden, but thankfully, there are many available approaches for dealing with this stressful ordeal. The following are a few of your best options for resolving your debt issues: Set Up an Installment Plan A top approach to resolving IRS debt, a standard installment plan allows you to pay off […]

How Does a Divorcing Couple Split Up Their IRS Debt?

Dividing property in a divorce is difficult enough as is, but dealing with shared IRS debt can be a nightmare. Whether you resolve these issues in mediation or in court, you’re bound to find this process frustrating. The better you understand the role IRS debt plays in your divorce, the easier you’ll find it to […]

How to Explain Your IRS Debt Situation to Loved Ones

Are you seriously behind on your taxes? It takes a certain vulnerability to ‘come out’ to loved ones, but the reward could be well worth that brief moment of discomfort. Your friends and family members may be more understanding than you suspect; at least a few have likely dealt with tax issues of their own—and […]

Delinquent on Your IRS Debt? You Could Lose Your Passport Now!

On January 1, 2018, the IRS started implementing a new law that affects taxpayers’ passports: Section 7345 of the Internal Revenue Code allows the State Department to withdraw or refuse to issue a passport for individuals with seriously delinquent taxes. If you’re behind on your payments, here’s what you need to know. Seriously Delinquent Tax […]

How IRS Debt Affects Credit— And What You Can Do

If the IRS audits you and finds you underpaid your taxes, the taxes themselves (along with any penalties and fees) don’t immediately impact your credit score, but how you pay that debt can cause those numbers to drop. How much you owe and how you choose to pay both impact your ability to borrow money […]

How DMX Racked Up $1.7 Million In IRS Tax Debt And What Happens Next

“Every time I turn around, cats got they hands out wanting something from me. I ain’t got it, so you can’t get it.” These lyrics from rapper DMX’s 2003 hit “X Gon’ Give It to Ya” describe his scrappy rise to fame, but earlier this year, New York’s acting U.S. district attorney Joon Kim connected […]

A List of Common IRS Penalties and Fees, and How to Avoid Them

A sizeable tax bill to the IRS is bad enough on its own, but if you’re late in paying it, fail to file or make a mistake, your bill could be compounded by a number of IRS penalties, fees and interest—all of which could make a huge bill even more difficult to pay. Some penalties […]

Steps To Take After An IRS Wage Garnishment

It’s payday, and you eagerly check your bank account balance. Imagine your surprise when you see that it’s way smaller than you expected. What happened? Maybe the IRS garnished your wages. They can take this aggressive step if you owe back taxes and haven’t responded to numerous collection attempts. However, even if you missed these […]

Ways To Help Your IRS Enrolled Agent Help You

If you need surgery on your broken leg, you may need to see an orthopedic specialist. In the same way, IRS enrolled agent is a certified specialist in tax: An enrolled agent offers specialized tax knowledge and assistance if you face tax fraud or evasion charges, a levy or lien, or execution of an IRS agreement. […]

Dating While You’re In Serious IRS Debt

You’ve met someone special, and you think there’s a possibility of something real there. However, a serious IRS debt hangs over your head, and you’re not sure how or when to reveal it. And you have cause for concern: a recent CreditCards.com survey found that 55 percent of women and 37 percent of men would break […]